Mortgage Loan

How to Pay off Your Property finance loan in 5 Yrs





How to Pay off Your Property finance loan in 5 Yrs

What would your lifestyle be like if you experienced no property finance loan? Would you speed up your investing method, pay back off debt, or acquire a lot more relatives vacations? A couple yrs in the past, Natali and I discovered an unbelievable signifies to pay back off our principal residence. Now we utilize this method persistently in order to meet up with our best intention: acquiring a lot more acquire and keep actual estate.

In this video, we’re sharing the demonstrated program you can use to pay back off your property finance loan in just a couple quick yrs. We’ll discuss the phase-by-phase program that can help you save hundreds of countless numbers of bucks in fascination payments. We’ll share the significance of devotion, and why financial institutions never want you to know about this method!

If you’ve got ever wondered how to pay back off your property finance loan in 5 yrs, this video is for you! We will discuss about our new guide, and how it can help you arrive at your economical objectives. We desired to share this to help you totally free on your own from the dead weight of your property finance loan so that you can appreciate your regular revenue on the other hand the heck you want to!

How to Pay off Your Property finance loan in 5 Yrs by Clayton Morris and Natali Morris:

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46 comments

  1. Great video. My wife and I went from a $1.3M house with any $800k balance to banking the cash and paying cash for another smaller house for $300,000 and paid off everything and we were making $11,000 per month and our expenses were only $1,000 per month and we banked $10,000 per month for almost 2 years and stacked up $200,000 in cash in addition to our $300,000 in equity. Amazing how it works.

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  2. Hey guys, I agree with u 100%, as my smart eldest brother says that debts don't add up but they multiply due to interest etc.

    Well here is a question for u and want your opinion.

    Is it better to make extra payments towards a mortgage in an attempt to pay it off or reduce the number of years etc or is it better to take that chunk of money and invest in another rental property? Again extra payment is the 10% annual allowance that we get here in Ontario Canada. So if my mortgage is 500k, the bank gives me an option to make a prepayment of 10% (50k) on top of regular monthly payments. This way the 50k knocks down the principal thus reducing the number of years to pay. So what do you think if I pay off 50k towards the prepayment or should I use this amount to pay for down payment of another rental property? Need your advice but personally I prefer the 2nd option as I am fantastic with respect to cash on hand and spending.

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  3. thanks for the advice!

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  4. Thanks for the video Morris family. Say my primary mortgage payment is $2k/month and we get a HELOC and pay down the primary by $20k. I'd still be making my normal monthly $2k payment PLUS now I'd be paying a little towards the HELOC, right? So, essentially, my monthly budget will have to increase by this additional HELOC payment?

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  5. Guys where are the tools you had mentioned in the video?? I bought the book but no tools.

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  6. You're hot. I mean the guy

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  7. would this work if you used it mainly to pay credit card debt and a car loan and added a small chunk of mortgage at first? then after that's all paid then attack mortgage only

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  8. I once figured out that the BEST method is to "PAY AS MUCH AS YOU CAN, AS SOON AS YOU CAN", "UNTIL YOU HAVE PAID OFF AT LEAST (1/2) TO (3/4) OF THE PRINCIPAL OF THE MORTGAGE LOAN!"….. then One can throttle back, and make the remainder of the loan payments over the remaining duration of the loan, by just making the normal monthly payments. FYI: it would take you about 21 years of routine monthly payments until you'd have the original principle paid 1/2 off! Loans are SLAVERY!!!!

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  9. Not sure if I want to borrow money to get out of debt.

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  10. I have about $250,000, do you think it's a good idea to pay cash for a rental house?

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  11. Great advice and strategy! Question…I have a primary residence as well as a vacation home with mortgages on both. Would it make sense to take out a HELOC and use these funds to put half towards one mortgage and half towards the other or just use the HELOC to pay down on property at a time?

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  12. Right. Calculate the extra in principal you need to pay to cut that interest so that it mortgage is payed off in 5 years. Cause that 30yr amortization chart is some loan shark shit and I’m in one. I need that running dynamic amortization chart. Did you create that in excel?

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  13. Really love you guys. Especially your stance on finances. The us vs, them. I like that you seem to be one of us.

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  14. How can I contact you

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  15. I just watch your video and is great I just have a couple of questions. I recently bought my house is a 150k house. I also have some credit cards debt. Do I need to have a good credit to apply for a heloc, also to apply for a heloc do I need to have some type of equity on my house, also how much money do I ask for when I ask for a heloc. if I put my entire paycheck in the heloc account direct deposit can I also use it to pay for my other expences like groceries, gas etc. or is it only for the house. I hope you can answer me. Thanks
    Last question Do you have a direct way to contact you guys.

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  16. I have two mortgages, one where I owe under $20k, the other around $120k. The first is worth about $160k, the second about $230k. Could/should I use a HELOC to pay off the lower mortgage or use it to invest in other rental property?

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  17. You guys are so nice and genuine. I appreciate all these videos you do together, I'm learning so much and I thank you for that. ☺

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  18. I don't think I get it. Is HELOC a good solution in your opinion because (a) it has a lower interest rate than your original mortgage? does it? I have never had a mortgage nor HELOC so can't say (b) you pay it back in the shorter amount of time so less interest is accrued?

    What is the pure advantage of using HELOC vs paying bigger monthly instalments directly into lowering your mortgage level? Am I over-analysing and it's much simpler? 🙂

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  19. robbing peter to pay paul does not work for most! You MUST change your spending habits and just budget your monthly income and pay off as much as you can every moth till you are debt free including your home!

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  20. instead of watching this in its entirety.. just going to buy the book

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  21. Waste of 30 minutes to get horrible advice on how to borrow your way out of debt. People would be better off watching Financial Peace University with Dave Ramsey

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  22. VERY GOOD VIDEO

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  23. Homie don't play that.

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  24. I do like debt free idea, but I live in Finland and I have only 42k home loan with 1,45% interest. Thing is:loan payment is only 350€ a mounth, same time same kind of house to rent would cost about 700€ a mount. So I allredy save (for me same as earn) 350€ a mounth right. Eaven 42k kind of easy pay off ,but I think better to invest in my own coffeshop and rental real estate give me lot more then 1,45%

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  25. Ok understand
    Why don't u used a real life example to make it easier to understand
    Or tell me
    I have a house that my debt in that house is 200 k
    How do I pay 200 k in 5 years give me a simple answer

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  26. 30 min to tell you that you need to buy their book to know exactly how to pay off d mortgage
    Wow no fair

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  27. how do you prevent co-mingling funds in your Heloc when depositing rental income?

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  28. I've looked for a good rate and most banks offer 1.99% for first 6 months, but then what should I do? I've ordered the book, but I don't want to wait…sorry

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  29. Can you refer me to some lenders that do the open ended heloc? I would like to apply for one, but have a few questions.

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  30. I have been saying use a line of credit to payoff your mortgage for 15 years. Great advice and info.

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  31. Where were you working in New York that you afforded 3800 + 500 / month

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  32. Is it better to slash down on the principle. Or use that money for another investment. 🤔

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  33. Very interesting, just completed 1st year in mortgage. Very excited to tap into these methods. Just bout book on amazon

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  34. Can I do this strategy if I already have a huge balance on my HELOC? 50k limit with 40k balance. Thank you!

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  35. Been married 35 years we are debt free and mortgage free, but we make only so much a year. We need the added income for our retirement years. Do you think this is a good idea to start in Real Estate investing?

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  36. Are you on Lake Wallenpaupack?  I also live on the lake and moved from NYC. I own rentals in the area and love the freedom.

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  37. Thank you so much for your video! You two are an incredible resource and I really appreciate your work. I do have a question however, so when you make a payment using your HELOC, are you then paying your mortgage and HELOC back every month? Or are you just paying back HELOC until it is back to Zero, then making another big payment on the mortgage? Thank you.

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  38. Gordon Miller amazing how things work when you make $11k a month isn't!!

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  39. What if your HELOC rate is 3.2% and your mortgage rate is 2.49%. Does this still make sense?

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  40. Clayton! Just bought the book! Does the amortization excel sheet come as a download link with the book? Thanks 🙏🏽

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  41. Clayton and NataliI watched your video, among many others and I am FIRED UP to move forward with this HELOC program. I can't tell how excited I am to discover this how this can possibly work for me. I would prefer to e-mail you or speak with either of you directly. How can I get in touch with you?

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  42. Loved the "homey don't play that" comment, lol.

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  43. I want to do a cash out refi and get a heloc. Then, I want to buy a property with the cash, that money is at a fixed rate. then I keep the heloc for expenses and to deposit my paycheck

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  44. you guys have a great way of simplifying the heloc strategy. thanks

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  45. I have a heloc, my payment is $2300 a month, if I make small payments lower then $2300 won't count as a payment. What you recommend ?

    Reply

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